NOV Inc, a leading provider of equipment and components for the oil and gas industry, saw its stock surge 7.75% in pre-market trading on Wednesday. This upward movement came after two prominent analysts reaffirmed their buy ratings and price targets on the company's stock.
Analyst Marc Bianchi from TD Cowen maintained a Buy rating on NOV with a price target of $22.00. Similarly, Stephen Gengaro from Stifel Nicolaus also reiterated a Buy rating, setting a price target of $24.00 for the stock.
These positive analyst views reflect optimism about NOV's prospects in the recovering oil and gas industry. As demand for energy continues to rise, NOV is expected to benefit from increased drilling activity and the need for its specialized equipment and services.
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